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Copper July 08, 2024 02:20:30 PM

London Copper Dips on Weak China Physical Consumption

Paul Ploumis
ScrapMonster Author
Copper demand could recover in the following months thanks to seasonal demand uptick and robust consumption from renewable energy sector, analysts said.

London Copper Dips on Weak China Physical Consumption

SEATTLE (Scrap Monster):  London copper prices eased on Monday amid lacklustre physical consumption in top consumer China, but prospects of U.S. interest rate cut and China's demand recovery limited further decline.

Three-month copper on the London Metal Exchange eased 0.2% to $9,925.50 per metric ton by 0415 GMT. On Friday, prices hit a three-week high and logged their first weekly increase in seven.

The most-traded August copper contract on the Shanghai Futures Exchange added 0.2% to 80,310 yuan ($11,048.44) a ton.

Copper consumption in top consumer China remained weak. A survey by Shanghai Metals Market showed an unexpected decline in copper cable and wire producers' operation rate last week.

But most investors maintained positivity towards copper demand and prices later this year.

Data on Friday showed U.S. job growth slowed marginally in June while the unemployment rate rose, underscoring the view that the Federal Reserve could begin cutting interest rates in September.

Copper demand could recover in the following months thanks to seasonal demand uptick and robust consumption from renewable energy sector, analysts said.

The Yangshan copper premium, or the fee buyers pay for imported cargoes over benchmark LME prices, turned positive on Friday for the first time since mid-May.

Comex copper futures surged on Friday as some players bought back bearish, or short, positions to reduce their exposure due to expected shipments of copper failing to arrive in the United States.

Comex copper futures were little moved on Monday at $4.65 a lb, a one-month peak.

LME aluminium dipped 0.2% to $2,531.50 a ton, zinc shed 0.2% to $2,994, lead eased 0.1% to $2,235.50, while nickel rose 0.7% to $17,455, tin gained 0.4% to $34,020.

SHFE aluminium slipped 0.3% to 20,340 yuan a ton, zinc was down 0.9% to 24,515 yuan, and lead drifted 0.4% lower to 19,610 yuan, while nickel climbed 1.2% to 138,820 yuan, tin rose 0.3% to 276,790 yuan.

Courtesy: www.zawya.com

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